Web 3 Education: 3 Things You Need to Know About Crypto

There are some subjects that we don’t learn enough in school. One of them is how to deal with finances, including crypto. More people lose money on crypto than earn a profit, so why isn’t there enough Web 3 education available? The reality is it’s hard to teach all you need to know about crypto because it’s a new field that still growing and developing, as our guest Dylan Grabowski – Editor at Neo News Today & the Host of the Smart Economy Podcast – pointed out. 

Below are insights Dylan shared with us about Web 3 education and crypto. 

Web 3 Education: 3 Things You Need to Know About Crypto

#1. Get Your Own Wallet

Keep your seed phrase private, and do not share where you keep your crypto wallet for safety reasons. Your assets are protected by your seed phrase. When you lose your seed phrase, you may lose your assets. Try not to talk about the fact you’ve invested in crypto publicly, not to attract unnecessary attention. When you invest in crypto, you are your own security and your own bank. 

#2. Continue Your Education

Many career paths, such as being a CPA, require you to have continuous education credits. Some require 40 hours a year, and others require more. It’s because when you stop learning, you lose your value as an expert. You need to stay current and agile. 

Crypto and Web3 require you to continuously learn to stay on top of trends because they move very fast. For instance, in 2017, NFTs were uncommon, and today, they are their own subject and provide ways for individuals to get into crypto. Previously you couldn’t access websites directly from your wallet, and now there are three enabled sites. 

Investing in crypto isn’t as easy as clicking a button. For instance, if you have Ethereum, you need to learn about how MetaMask wallets work, because you will need one. MetaMask is a wallet created with a private key that you must keep secure. Staying current on your crypto and wallet education helps you maintain your security.

#3. Web3 & Crypto Are Speculative

Just like the traditional stock market, crypto, and web3 can be a bit of a gamble. People who lived through the nineties understand the  dot com boom. We had all sorts of sites get big and then go nowhere. 

There was a paradigm shift, and that is what is happening with Cryptocurrency now. There will be ups and downs until it stabilizes and prices are normalized. Therefore, you see some people paying $10,000 for Bitcoin and others paying $80,000. Also, if you look at the top ten cryptocurrencies five years ago and top ten today, they are very different.

For instance, Luna was used as a protocol and algorithmic stablecoin designed to keep things balanced. The peg of $1 was kept through the Luna, or secondary token. It was a wonderful fix until it no longer worked and caught everyone unaware, and cost them money. This is the definition of how speculative and a bit volatile crypto is. 

Final Thoughts

If you decided to invest in crypto, do your due diligence and spend time educating yourself on the subject of Web3. You can find more information about crypto on our YouTube channel in the series of videos we did with Dylan Grabowski who’s been studying the subject for years.